Pantera Study Reveals Overwhelming Majority of Crypto Employees Opt for Fiat Salaries
Based on the study's findings, it was revealed that out of 570 surveyed engineers from around the world, the median compensation amounted to $120,000. In North America, engineers received a higher median compensation of $193,000, indicating a 1.5% increase from the previous year.
Although there's a prevalent belief among crypto-industry experts that cryptocurrencies will eventually take on a more substantial role in the global financial and payments landscape, the majority presently receive their salaries in government-issued currencies, commonly known as "fiat."
The study conducted by Pantera Capital, a digital-asset investment company, disclosed that nearly 97% of individuals in this emerging industry receive their basic salary in fiat, while a mere 3% are remunerated in cryptocurrency. These insights are based on the analysis of 1,046 responses gathered in 2023.
Among those who receive cryptocurrency as part of their compensation package, a significant majority prefer dollar-linked stablecoins like USDC and USDT. Only 13% opt to receive their payment in bitcoin (BTC).
Comparatively, the median pay for surveyed engineers worldwide amounts to $120,000, with North American engineers earning $193,000. This reflects a 1.5% increase from the preceding year when it comes to North American engineers' compensation.
The Pantera report made the observation that senior engineers in Web3 tend to earn slightly more than their counterparts in Web2.
The study also underscored that approximately 88% of roles within the crypto industry are remote. This stands in stark contrast to the estimated 28% in Web2 roles. This widespread global distribution implies that a return to physical office spaces is unlikely to become a prevailing trend in the crypto industry.
In terms of executive compensation, the range varies between $147,363 to $335,400, contingent on the developmental stage of the companies they lead. Additionally, one in every five respondents reported receiving an initial package of token-based incentives. For non-executive positions, the average value of these incentives was $89,000, while executives received an average of $1.3 million.
It's important to note that owing to the volatile nature of crypto markets, the actual value of these incentive packages may undergo significant fluctuations. The report underscores that these figures are subject to vesting schedules and should be interpreted while considering the respective valuation and timing.
Read more: Binance Charts a New Course: Exiting Russia, Embracing the Web3 Revolution